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Buying Options

What are the differences between Buying Options in real estate?

There are many different buying options out there for you to consider from. Hallmark Realty puts a lot of effort into educating our clients, and listing the different buying options is just one the ways that we can help educate them. If you are considering buying a home in Kirkland, WA, and you want to know about all of the different options you have to choose from when it comes to buying, then you have come to the right place. Below we have listed just a few buying options you have to choose from. Read through these options and decide what is the best fit for you.

Cash Out

The cash out option is the most basic option there is. Cashing out means that you have enough money in order to write the seller a check and be done with the purchasing process. This option is definitely the most time-efficient and least troublesome of all the options. However, not everyone has enough money on hand to purchase a home in Kirkland, which is why we have included other options listed below as well.

Conventional Loan

A conventional loan is the most common way for someone to purchase a home in Kirkland, WA. Conventional loans require a percentage down first from the buyer’s pocket, and then the amount that the loan covers will be paid back over a 10-40 year period. There are conventional loans that break down into 80% / 20% where the buyer actually applies for two loans to cover 100% of the property and brings no money to closing. These loans are not as easy to obtain anymore but with good credit can still be found. A conventional loan typically helps those selling one home to buy another and can put down a substantial amount at closing. The loans are often lower interest rate and better terms.

FHA Loan

An FHA loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration. The goal of an FHA loan is to make it self-supporting, based on insurance premiums paid by the buyers. FHA loans usually require a minimum of 3% down and will have the added cost of mortgage insurance to cover in case of default. The benefit is most buyers don't have to have excellent credit to qualify but the home they purchase does have to meet certain safety standards.

VA Loan

A VA loan is accessible only to people who have previously served in the U.S. Military. VA,also known as Veterans Affairs, is a government program that provides health care services, benefits programs, and more. The VA also offers loans to America’s veterans who are trying to purchase a home in Kirkland, WA, and all over the states. The VA loan guarantees a portion of the loan so the lender is protected against losses if the borrower does not make the payments and defaults on the loan. This VA guarantee effectively replaces the security a lender normally receives by requiring a down payment on the property. This can also help the buyer purchase the property with little or no money down.


For more information on which loan might be right for you and to receive updates or info on any home or property in the Bellevue or Kirkland real estate area.